EIA: US crude inventories swell on import surge while fuel stockpiles see bullish drawdowns
While an inventory build of this magnitude typically casts a bearish shadow over oil prices, context is crucial: overall crude stocks remain approximately 1% below the five-year seasonal average.
US commercial crude oil inventories (excluding the Strategic Petroleum Reserve) posted a substantial build of 6.2 million barrels to reach 449.3 million barrels in the week ending 13 March 2026. While an inventory build of this magnitude typically casts a bearish shadow over oil prices, context is crucial: overall crude stocks remain approximately 1% below the five-year seasonal average.
Furthermore, the accumulation was not the result of faltering domestic processing—in fact, refinery activity ticked upward—but rather a significant influx of foreign barrels. Domestic crude production remained remarkably stable, edging down by a nominal 10,000 bpd to 13.7 million bpd, a sign that operators are maintaining high, steady output levels.
The primary driver behind the crude stock build was a pronounced shift in trade dynamics. US crude oil imports averaged 7.2 million bpd, jumping by an impressive 772,000 bpd from the previous week. This is part of a broader trend, with the four-week moving average for imports sitting at 6.7 million bpd—a 17.8% increase compared to the same period last year.
Meanwhile, crude exports surged to an average of 4.9 million bpd (up from 3.4 million bpd in the prior period). Despite the heavy inflows of crude, domestic refiners showed a healthy appetite; crude oil inputs averaged 16.2 million barrels per day (bpd), an increase of 63,000 bpd from the previous week. Consequently, the refinery utilisation rate ticked up to a robust 91.4% of operable capacity, indicating that domestic infrastructure is running hot to meet downstream demand.
The most bullish elements of the EIA report were found in the refined product sector, where inventories displayed notable drawdowns despite the uptick in refinery processing. Total motor gasoline stocks decreased by a sharp 5.4 million barrels to 244.0 million barrels, though they remain about 3% above the five-year seasonal average. Distillate fuel inventories fell by 2.5 million barrels to 116.9 million barrels, leaving stocks roughly 3% below seasonal norms. These draws occurred as gasoline production decreased to an average of 9.4 million bpd, and distillate production fell by 75,000 bpd to average 4.9 million bpd.
Underlying demand indicators remained mixed but generally supportive. Total products supplied—a reliable proxy for consumer and industrial demand—averaged 21.0 million bpd over the last four-week period, up 2.1% from the same period last year. However, core fuel consumption showed some softness; motor gasoline product supplied averaged 8.7 million bpd, down 1.0% year-on-year. Conversely, distillate fuel supplied provided slight strength, averaging 4.0 million bpd (up 0.4% year-over-year), while aviation sectors remained sluggish, with jet fuel consumption falling 2.1% over the same four-week window.
Written by: Aiman Haikal